Psyence Biomedical will not proceed with Clairvoyant Therapeutics acquisition

Psyence Biomedical provided an update on its previously announced proposed acquisition of Clairvoyant Therapeutics. Following the completion of necessary due diligence and other pre-closing activities specified in the conditional binding term sheet that was announced on September 9, Psyence Biomed has decided not to proceed with the acquisition at this time. Psyence Biomed continues to advance its recently initiated Phase IIb clinical trial of nature derived psilocybin in conjunction with psychotherapy as a potential treatment for Adjustment Disorder following a life-limiting cancer diagnosis in Palliative Care. The first patient is expected to be randomized into the study this quarter, and topline data from the study is anticipated in the second half of 2025. Additionally, the company is progressing its second development program, which will evaluate nature derived psilocybin in conjunction with psychotherapy as a potential treatment for Substance Use Disorders, leading with Alcohol Use Disorder. To support its AUD program, Psyence Biomed recently announced a worldwide, exclusive royalty-bearing IP licensing agreement with PsyLabs, a private company focused on the production of highly purified psychedelic active pharmaceutical ingredients and extracts. Psyence Biomed also subsequently agreed to acquire an 11.13% stake in Psylabs as it evolves into a leading, vertically integrated developer of psychedelic-based therapeutics. Due diligence is ongoing, and Psyence Biomed plans to issue a further update on this pending acquisition shortly.